You Think Your House is Worth WHAT? Pricing Your Home to Sell
O.k., so you've looked on the Internet, you've checked the Real Estate Weekly - and you've talked to your Neighbors. You're pretty sure you know what you WANT your home to be worth. Next step? You call the Realtors in.
Everyone says you should interview 3 Realtors - so that's what you do! And sceptically you await their Verdicts! Does the highest Bid (because that's what it often is) win your Vote? Well it shouldn't and let me tell you why.
BUT Your neighbor's house just sold for XXXXX!
First of all, Realtors have access to the same information Online. By doing a CMA (Comparative Market Analysis) they should be able to come very close to the Range of Your Home's Value. They will see which homes are currently Listed, those that will be in direct competition with Your Home; they will see which comparable homes have Sold recently; and they will ALSO see which homes have 'Expired'....(Listed But Not Sold). That's the Starting Point!
If you use a Local Realtor - which is what I Recommend- they'll also be able to take into consideration different factors about your neighborhood - like development, schools, safety, proximity to transport etc.
BUT Your House has been upgraded!
Now where no 2 homes are exactly alike - chances are we've seen most of the homes for sale in your area and have an inside view that you may not have seen. Even online photos won't give you a complete view of how these homes compare.
In many ways - it's the Buyer that ultimately determines the value of your home. A house is worth what somebody will pay for it. It's important to try and anticipate what MOST buyers will pay for it. If the price is too high - you may just end up remaining THAT Buyer! If your home should by some chance sell for more then the estimated value, remember the home still needs to be Appraised for the Buyer's Bank, and if it's overpriced it just may not!
BUT That's What INEEEEEEEED to Get for My Home!
There is the odd time that a home is unusual and there are not direct comparables, sometimes this requires a trial and error strategy where we have to gage potential buyer responses in order to fine tune the price.
Another factor is the current 'Real Estate market'. Is it a Buyer's market or a Seller's market - or is it balanced? What kind of standing inventory is in the market in your price range. These will all factor in to your pricing.
The value of a home can also be estimated in part by using the price per square foot calculation. But you do have to use a sliding scale of adjustment. The 'core' of the home is worth more then the peripheral square footage. ie. the price per sq. foot for a 1000 sq. foot rancher will be higher then that of a 3000 sq. ft. basement home.
Should you start higher - after all - you can always come down??? No! If you do that you should be charging your competitor a fee for helping them sell THEIR home!
Remember the most critical time for selling your home is in the first 30 days. Longer then that you can bet your bottom dollar, (and unfortunately that's probably what it will end up being) that the Buyer will be paying attention to your 'days on market' when making both their buying decision and price point!
How do you know if your house is priced right? Feedback! Your Realtor will be calling to get feedback on showings from both the Buyer and their Realtor. If you've had over 6 showings and have been on the market for 3 or so weeks that should give you some idea of what the market thinks. Unusual or high end homes could be the exception here though.
Sometimes the most important factor is YOUR motivation. How motivated are you to sell? I know a lot of Seller's like to tell us that 'they don't HAVE to sell'.......and in most cases that's true - you don't! But if you do want to sell your home call a Realtor that knows your market and will be honest with you - because that's what a professional does - they Help you Price Your Home to Sell!
Since I had not yet availed myself of the opportunity to travel on our Light Rail from Mesa to Phoenix, hubby and I decided to take another day trip! On November 11, Veterans' Day, we boarded the Light Rail in Mesa at Dobson and Main. I love to take day trips to better appreciate the beautiful Phoenix Valley. I wanted to stop by the Tempe Farmers Market, walk along Mill Avenue in Tempe, and enjoy the sights of downtown Phoenix all of the way to the end of the line and back.
The price of an all-day ticket is very reasonable - I am thinking for both of us - $3.50. We purchased our tickets at Safeway in East Mesa. There were very few people traveling, and we enjoyed seeing the ongoing Veterans' Day parades in Tempe and in Central Phoenix. It was so cool! The trip took about 30-40 minutes to the end of the line at the Metro Center - 19th Avenue. We changed trains and headed back!
Since I grew up in Phoenix, I loved traveling through downtown Phoenix and being able to see how "modern" Phoenix has become. The Light Rail route is so nicely designed and maintained, there is a feeling that I could get off at any of the stations and feel "safe." We passed by a Phoenix icon, The Westward Ho, a skyscraper hotel located on Central Avenue built in 1928 - famous in the "day" and the tallest building in Phoenix until the year 1960. Anyone who has seen Alfred Hitchcock's movie, Pschyo, will remember that it was filmed in downtown Phoenix in 1960 though the hotel in the scenes was the Jefferson Hotel.
[As a child, my mom would drop us off in downtown Phoenix to watch movies, and we got in for a quarter.] ;-)
Then, there's my high school, Phoenix Union, located in downtown Phoenix along Van Buren - which has been torn down now; however, the memories are still very fresh of the "good old days"! Very nostalgic for me. The City has certainly "grown" up.
There is more to this story - I'll share photos of Mill Avenue, where we ate, and more photos in another post.
Now that the weather has cooled down, my husband and I decided to check out our Mesa Farmers’ Market Saturday morning - checking out farmers' markets is one of my favorite things to do. Mesa is also celebrating its Old West Days Festival yesterday (November 7) and today (November 8).
Shoot outs at the Mesa Old West Days
There were shootouts, people dressed in their “old west” garb, and plenty of food. Rides on the train for little ones, jewelry booths, and a wide assortment of opportunities to purchase goodies or just walk and enjoy the music and the sights.
Winter visitors are back!! These events continue until May when visitors return to their cooler climates. There are plenty of these Farmers’ Markets, festivals, craft shows, and celebrations going on all winter.
It was a balmy 78 degrees yesterday morning around 11:30, and we stopped by and tried out the homemade tamales. LOVE tamales! We purchased six, and will be having them for dinner soon. The Tamale Store is located in north Phoenix, but you can call and order your tamales, or go online at www.thetamalestore.com, and pick them up at the farmers’ markets in town. I do recommend them.
The McDonald Street Market is located in the center of Old Mesa at McDonald and Main. I’ve included a link to their website which provides dates, times, and other useful information for those who like to keep up on the local news. So - all of you wanting to find things to do this winter, just stop by now and again for an update to the "happenings" in Mesa, Arizona!!
Custom home located on 10 acres of irrigated land. Additional four bedroom guest house on the property as well. Two lots, (an 8-acre and a 2-acre) but to be sold together.
This home is particularly beautiful - with so many amenities, it is impossible to list them all. It boasts a center courtyard with a fireplace and a fountain, plants, trees, etc. The home completely wraps around the courtyard with windows opening to the center giving an open and pleasing view.
I took approximately 100 photos and have changed them around on the MLS as well as the Real Estate Show. One of my favorite "spots" in this beauty is the butler's pantry complete with plenty of granite counter space, sink, cabinets, and storage space. In the kitchen - another of my favorites - is the Wolf Range, two complete islands, with a sink on each.
The ceilings are high, pillars are everywhere, and nothing has been forgotten in putting this home together. Hopefully the photos will help you "see" the home. To really be appreciated, a personal visit is necessary!
What I did this summer!Catchy title doncha think? I actually took some time “away” from blogging, commenting, and working in real estate “24-7” and enjoyed some down time and alone time with my husband in Show Low, Arizona, a wonderful little town located in the White Mountains just north and east of Mesa, Arizona 140 miles.
I thought I would share just "some" of the things I chose to do during my down time, along with some photos: I learned to knit, played golf, ate, rested, lounged on the porch and read, read, read.
Some sights of interest along our way to Show Low! We pass through Superior, Miami, and Globe, mining towns in eastern Arizona. Then, as we head north to Show Low, we pass through the Salt River Canyon which is an amazing drive and has spectacularly beautiful scenic views.. As a child, I recall driving that area with a HUGE amount of trepidation....now, the roads are wider, passing lanes, etc.
There are many, many wonderful places to visit in Arizona. I've shared many photographs and tours in the past, and will continue to do so.
As described in Wikepedia: "Show Low is a city in Navajo County, Arizona, United States. It lies on the Mogollon Rim in east central Arizona, at an elevation of 6,400 feet (1,951 m). The city was established in 1870 and incorporated in 1953. According to 2007 Census Bureau estimates, the population was 11,763.[1]
“According to the legend, the city was named after a marathon poker game between C.E. Cooley and Marion Clark. The two men decided there was not enough room for both of them in their settlement. The two men agreed to let a game of cards decide who was to move. According to the tale, Clark said, "If you can show low, you win." Cooley turned up the deuce of clubs (the lowest possible card) and replied, "Show low it is." The stakes were a 100,000 acre (400 km²) ranch. Show Low's main street is named "Deuce of Clubs" in remembrance.
In 2002, a large forest fire, the Rodeo-Chediski fire, threatened the city and forced an evacuation. The city is near extensive forests, and in normal times is a popular recreational area."
Yes, I’m a huge fan of Arizona and, especially, those places I can visit easily from my home base in Mesa, Arizona.
I posted a blog a year ago about fissures "appearing in and around Maricopa and Pinal County" and surrounding areas, including Queen Creek, Arizona!!! It appears as though problems are still occurring, so buyers and sellers - please be aware.
Check out my blog from last year in order to grab the links to the information you might need.
As a Realtor, IF we are aware of fissures in locations throughout the valley, we have a DUTY to inform our potential buyers. ABOVE ALL, BE SURE to provide a Buyer Advisory to each buyer that you represent. That document provides necessary information - including information about fissures in our state.
As a direct result of my blog of last August on Active Rain, I received a call yesterday from a woman living in Queen Creek in the community of Pecan Creek - North. She thought maybe I could “direct” her to a place she could lodge a concern or complaint about the “sink holes” appearing in her yard and that of her neighbors’ homes.
The builder, Fulton, had not remedied her problem, and customer service seemed unwilling to work with her. (FYI, fissures can just suddenly "appear," without warning!) She told me that there were now issues with her water pipe. Her neighbor was experiencing similar problems and, in fact, cracks seemed to be causing stress on her patio.
My immediate thought was: “I was showing homes in that neighborhood last Saturday!!!” These are definitely warnings that need to be out there for potential home buyers/sellers!
My suggestions included: writing to Builder, reviewing the information HERE!!!! - and checking out the Arizona Department of Real Estatewebsite as well as sharing information on Twitter and Facebook to get the word out. I also told her I would post it on my blogs so people could be on the lookout. Hopefully those Active Rainers in the Phoenix Valley will be vigilant in looking out for their buyers!
Recently I received a telephone call from a Realtor from another state. He introduced himself, told me he had found me through Active Rain, and knew so and so, and so and so - yada, yada......
After we had finished with our introductions, he told me he had a client that had a home in Mesa, Arizona, and they wanted to find someone to list it for them. As I began to question him on the circumstances of the sale, he said that the sellers just “needed” it listed. I prodded him further asking if they had taken out a second and if they were upside down. He said, "yes," and basically needed it listed in order to complete their purchase of a home through him.
He further went on to tell me that they didn’t really care whether they sold it or not, and he didn’t need a referral fee. Sound fishy? Yep, to me it did – and it was.
I told him this: “they are buying another home and bailing on this one,” aren't they? He hemmed and hawed, and pretty much acknowledged this to be true - actually he "thought" it "might" be the case, but “he didn’t know for sure.”
I told him that it is mortgage fraud knowing when you purchase one home that you are walking away from the other one!! You see, I have very strong feelings about this type of mind set. (See my previous post written in June 2008 on the Buy and Bail phenomena.) NO WONDER we are in such dire straits in America!! Guess who picks up the tab? US!!! People don’t think twice about their obligations to keep their promises – AND – this agent had never heard of the Buy and Bail scheme. Maybe yes, maybe no!! Hopefully all Realtors are aware of this egregious behavior and DO not assist buyers/sellers with transactions of this type.
According to our MLS stats, the 85209 zip code inMesa, Arizona shows that we are now in a buyer/seller market. Six months is typically the “middle” mark. We’ll have to see what July holds, but notice in August 2007, we had 11.4 months’ supply of homes on the market. As of June, 2009, 6.5 months’ supply of homes. I'm thinking it's time to make your move if you are thinking of purchasing or selling a home. Homes are definitely selling. Don't wait until it becomes a seller's market buyers - make your move now. ESPECIALLY first time home buyers who can take advantage of the $8,000 incentive!!!
I’ll bet you didn’t know that August has at least four days that are days we can celebrate!
August 2: Friendship Day!!! That day is TODAY!!! Did you know? the first Sunday in August was proclaimed National Friendship Day in 1935? Since that time, this day has caught on around the world and is now celebrated nationally!
How are you celebrating Friendship Day? What are some of the special things you do for your friends? Share some of your ideas for the rest of us. I give my friends a huge HUG or I'll share my soda!!
August 13: International Left-Hander Day: Wow! Who knew? I wonder if there is a special day for those of us who are right handed – or – BOTH! There is actually a club for left handers at: Lefthandersday.com.
August 19: National Aviation Day: This Day is celebrated on the birthday of Orville Wright (1871), who flew the Wright Brothers’ first successful airplane a distance of 120 feet in 12 seconds in Kitty Hawk, N.C.
August 24: National Waffle Day: Now this is certainly a day I can get into. This Day marks the anniversary of the waffle iron patented by Cornelius Swarthout of Toy, N.Y. in 1869!!! (Bet that one didn’t work like the one we use in our kitchens today!!! ;-)
So, there you have it…four days to celebrate in August. I think there’s something for everyone here! Okay, now I’m hungry for a nice hot waffle and a big glass of milk!!!
Seriously!! My well dries up when I don't blog!! Just think about this one! If you didn't speak for a week or two or three, wouldn't you run out of thought? Words? Wow!!!
I've been enjoying the Show Low (mountain) weather, escaping into the beautiful 6500 elevation complete with pine trees, afternoon rain showers, spending time hanging out with my husband, playing golf, reading, and LEARNING to knit!!! Yep, that's what I just said, KNIT!!!
For those who don't know, I have more than one dimension. I like to cook, to make bread from scratch, read, crochet, play card games, teach, dance, golf, BLOG, and now knitting! Does that mean I'm getting old 'cause I like to knit? (Oh, yeah, and I like working in real estate!)
Since my well has almost dried up, I thought I would test my vocabulary of words, of sentences, and stop by to let you ALL know I've not forgotten you at all.....just took a little (I hope) break away from blogging. I've promised myself to be better at sharing information and posting blogs on Active Rain! You see? After 3+ years, I've gotten to know so many of you that I miss knowing about what you're sharing, and what you're doing - so now, I'm committed...yes siree!!!
Just remember, your well can dry up, and maybe can never fill up with those blogging waters again. Trust me!! I know!!!
A classy "almost native Arizonan" Realtor with a great sense of humor, a keen ear, and a desire to assist the seller or buyer in order to bring confidence and peace to their transaction. A great knowledge of new homes and new home builders as well as a plethora of driving skills!! ;-)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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